One of the key questions underlying the debate about the oil and gas industry in Colombia concerns when demand will peak and so for how long can public finances count on the flow of exports and tax revenues. Gustavo Petro’s “Illuminati” believe we all should stop using fossil fuels today and stop producing the stuff. More pragmatic observers think it too soon to (as some headlines put it) kill the goose that lays the golden eggs. Recently the International Energy Agency (IEA) weighed in with its view, based on various climate change scenarios.
Many of the world’s largest countries are backtracking, or slowing down, on some of their plans to move away from fossil fuels. The Colombian government thinks differently.
Danish environmentalist Bjørn Lomborg spoke about global warming scenarios and the decarbonization process.
Among MinEnergia Irene Vélez’s many ‘faux pas’ is telling the Colombian Mining Association’s annual conference that developed countries should shrink their economies to reduce the load on the environment. This would also allow her and her cabinet colleagues to reduce the extractive sector – guilt free – because there would be less consumption.
We spoke to Maria Lara Estrada of LATAM Airlines Colombia and she told us that the secret to cleaner aviation is all in the process. Sustainable Aviation Fuel (SAF) is the airline industry’s solution to lowering air travel emissions. (This was published last week in our sister publication ePower Colombia. We know that many of you read both but we thought this article was important to be in the two databases, for those that do not subscribe to both and for future searches.)
Juan Pablo Ruiz is my favorite Colombian environmentalist because he is completely rational, completely pragmatic without losing one bit of his passion and commitment. Recently, he wrote a pair of columns directed at Colombia’s future president that touched on the strategy of reducing demand or supply of fossil fuels. I might have written them or at least something like them.
The ACP issued a press release on the last day of its Grand Forum which covered events of the day but also wrapped up the major themes. We have already covered Day 2 so here we translate the broader ideas and provide our own commentary.
Oil prices were up again last week, Brent closing Friday at US$111.70 (according to FT.com). This is not a record or even a record for the period since Russia’s invasion of the Ukraine on February 22nd. But the 13-week Moving Average hit US$102.36 for the first time in almost 8 years and the 52-week moving average was US$81.52 for the first time since 2015, nearly seven years. These signals may mean some changes in producer and consumer behavior. But probably not yet in Colombia on the consumer side.